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  • 1. Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008 Section I: Taxonomy Section II: Venture Capital Investment Statistics Section III: Buyout Related Capital Investment Statistics Section IV: Venture and Buyout Related Capital Investment Statistics Data pulled: 01/21/2009. Source is Thomson Reuters VentureXpert unless otherwise noted.
  • 2. Section I: Taxonomy Diagram 2: Taxonomy of Private Equity “Venture Capital” “Private Equity” or “Buyouts” Cash + or - Flow Product Key mgmt. Product in Product shipping, Stable growth Company to go Company is LBOs, Mgmt acquiring a Operationally or Company development, in place, development or funds needed for rate, likely to be public in 6-12 publicly traded. acquisitions, product line or financially Stage of market initial marketing, available, first working capital or profitable, cash months. recapitalization business at any troubled. research pre-Sales institutional plant expansion flow positive. stage of Development financing development. Type of Seed & Startup & Early Later/Growth Growth Equity & Buyouts (Private Equity) Financing Stage Venture Stage Venture Type of Angel Venture Capital Growth Equity Buyouts Investor 2 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 3. Section II: Venture Capital Investment Statistics Table 1 Venture Capital - Nation Venture Capital - Illinois Total Capital Total Capital Number of Companies (USD Mil) Number of Companies (USD Mil) Total '04-'08 22,857 $192,376.3 407 $2,483.7 Qtr Avg 1,143 $9,618.8 20 $124.2 Quarterly 4Q '07 1,419 $13,240.1 29 $178.0 1Q '08 1,346 $10,198.5 18 $78.7 2Q '08 1,449 $23,931.2 20 $139.7 3Q '08 1,361 $10,388.9 30 $195.4 4Q '08 1,158 $10,920.8 22 $97.2 Yearly 2004 3,797 $29,122.3 63 $415.5 2005 3,937 $30,056.7 72 $484.8 2006 4,575 $35,867.2 77 $472.2 2007 5,234 $41,890.7 105 $600.1 2008 5,314 $55,439.4 90 $511.0 Note: Company totals may not match other tables in this report because quarterly data may include deals with multiple rounds of financing. Yearly totals in the table above are calculated from quarterly data. 3 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 4. Section II: Venture Capital Investment Statistics Table 2a State Rankings – Q4 '08 Venture Capital Investments Rank Fund Location Number of Companies Investments (USD Mil) 1 W ashington 49 $3,279.5 2 California 390 $2,911.7 3 Massachusetts 122 $850.2 4 New York 75 $676.7 5 Texas 47 $635.9 6 Tennessee 11 $387.2 7 Pennsylvania 61 $353.8 8 Maryland 34 $210.4 9 Colorado 37 $187.3 10 North Carolina 15 $170.7 15 Illinois 22 $97.2 Table 2b State Rankings – Total 2008 Venture Capital Investments Rank Fund Location Number of Companies Investments (USD Mil) 1 California 1,574 $16,238.9 2 Washington 161 $11,332.6 3 Ohio 61 $7,393.4 4 Massachusetts 442 $3,728.3 5 Texas 210 $3,369.8 6 New York 258 $2,081.2 7 Colorado 122 $1,141.4 8 New Jersey 127 $1,054.5 9 Georgia 91 $1,026.1 10 Pennsylvania 191 $981.1 16 Illinois 75 $511.0 4 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 5. Section II: Venture Capital Investment Statistics Table 3a Geographic Sources of Funding For Illinois Companies Q4 '08 Venture Capital Amount Invested % of Total Rank Fund Location Number of Companies (USD Mil) Investment % of All Companies 1 Massachusetts 5 $27.2 28% 11% 2 Undisclosed 3 $17.5 18% 6% 3 California 7 $14.0 14% 15% 4 Illinois 11 $12.4 13% 23% 5 New York 3 $9.8 10% 6% 6 Texas 3 $2.7 3% 6% 7 Non-US 2 $2.5 3% 4% 8 Virginia 1 $2.3 2% 2% 9 Michigan 1 $1.8 2% 2% 10 Minnesota 1 $1.7 2% 2% Other 10 $5.4 6% 21% TOTAL 47 $97.3 100% 100% Note: Company total may be higher than in other tables because each state reports transactions separately, so double-counting of companies is possible (e.g. the same company may have received funding from Texas and Illinois). 5 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 6. Section II: Venture Capital Investment Statistics Table 3b Geographic Sources of Funding For Illinois Companies Total 2008 Venture Capital Amount Invested % of Total Rank Fund Location Number of Companies (USD Mil) Investment % of All Companies 1 Undisclosed 5 $153.1 42.7% 5.1% 2 Massachusetts 9 $94.3 26.3% 9.2% 3 Illinois 27 $68.0 19.0% 27.6% 4 California 19 $65.6 18.3% 19.4% 5 Maryland 3 $37.3 10.4% 3.1% 6 New York 5 $13.6 3.8% 5.1% 7 Virginia 1 $11.0 3.1% 1.0% 8 Florida 1 $11.0 3.1% 1.0% 9 Texas 5 $11.0 3.1% 5.1% 10 Non-US 5 $9.1 2.5% 5.1% 11 Ohio 2 $7.4 2.1% 2.0% 12 Ontario, (CA) 2 $5.5 1.5% 2.0% 13 Michigan 3 $5.3 1.5% 3.1% 14 Colorado 3 $4.5 1.3% 3.1% 15 D. of Columbia 1 $3.7 1.0% 1.0% 16 Indiana 2 $2.5 0.7% 2.0% 17 Minnesota 2 $2.3 0.6% 2.0% 18 Wisconsin 2 $2.0 0.6% 2.0% 19 Rhode Island 1 $1.7 0.5% 1.0% 20 Connecticut 2 $1.1 0.3% 2.0% 21 New Jersey 1 $0.9 0.3% 1.0% 22 Georgia 1 $0.2 0.1% 1.0% 23 Pennsylvania 1 $0.2 0.1% 1.0% 24 Alabama 1 - - 1.0% TOTAL 98 $358.2 100% 100% Note: Company total may be higher than in other tables because each state reports transactions separately, so double-counting of companies is possible (e.g. the same company may have received funding from Texas and Illinois). 6 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 7. Section II: Venture Capital Investment Statistics Table 4a Venture Capital Invested in Illinois by Industry IT Healthcare Other Number of Capital Invested Number of Capital Invested Number of Capital Invested Companies (USD Mil) Companies (USD Mil) Companies (USD Mil) Total '04-'08 184 $1,051.1 93 $593.9 130 $838.7 Qtr Avg 9 $52.6 5 $31.3 7 $41.9 Quarterly 4Q '07 9 $13.7 6 $103.5 14 $60.7 1Q '08 6 $25.1 2 $1.3 10 $52.3 2Q '08 10 $124.5 4 $7.0 6 $8.2 3Q '08 12 $87.5 9 $46.0 9 $61.8 4Q '08 7 $27.2 6 $17.5 9 $52.5 Yearly 2004 35 $177.2 16 $50.6 12 $187.7 2005 44 $251.8 12 $67.6 16 $165.4 2006 34 $135.6 19 $145.9 24 $190.8 2007 36 $222.1 25 $258.0 44 $120.0 2008 35 $264.4 21 $71.8 34 $174.8 Note: IT (Information Technology) industries include the following: communications equipment, computer hardware and software, internet, computers and semiconductor companies. Healthcare industries include the following: biotechnology, medical diagnostics, therapeutics, medical products, medical and health services and pharmaceuticals. “Other” industries include the following: consumer related, industrial/energy, transportation, financial services, manufacturing, agricultures, forestry, fishing, construction, utilities and others.. 7 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 8. Section II: Venture Capital Investment Statistics Chart 1 Venture Capital Invested in Illinois by Industry $200 $61.8 $150 $60.7 $8.2 $7.0 US $ Million $46.0 $100 $52.5 $103.5 $124.5 $50 $52.3 $87.5 $17.5 $1.3 $25.1 $27.2 $13.7 $0 4Q '07 1Q '08 2Q '08 3Q '08 4Q '08 IT Dollars Healthcare Dollars Other Dollars 30 9 Number of Companies Funded 14 20 6 9 9 10 6 4 10 6 2 12 9 10 6 7 0 4Q '07 1Q '08 2Q '08 3Q '08 4Q '08 IT Companies Healthcare Companies Other Companies 8 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 9. Section II: Venture Capital Investment Statistics Table 4b "Green" Venture Capital Investments Illinois "Green" Companies Illinois Firms Making Investment in Illinois Illinois Firms' Investment in receiving Venture Capital "Green" Venture Capital "Green" Companies U.S. "Green” Companies Investments Investments (USD Mil) (USD Mil) Total '04 - '08 16 45 $115.5 $151.3 Quarterly 4Q '07 0 3 $0.0 $0.4 1Q '08 1 3 $19.5 $20.5 2Q '08 1 4 $14.8 $32.0 3Q '08 0 3 $0.0 $31.2 4Q '08 2 2 $46.3 $12.7 Yearly 2004 1 5 $4.0 $8.3 2005 3 6 $2.0 $7.0 2006 5 15 $21.0 $32.2 2007 3 7 $7.9 $7.5 2008 4 12 $80.6 $96.3 Note: Results in the table may be either higher or lower than totals in prior IVCA Monitors because of reclassification of results in the Thomson-Reuter Venture Expert database. Green company investments include, but are not limited to, investments in companies involved in the following industries: batteries, power supplies, alternative energy sources, coal, energy conservation, pollution and recycling, biotech processes for pollution, toxic waste control and oil recovery. 9 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 10. Section II: Venture Capital Investment Statistics Table 4b1 VC Investments in Illinois "Green" Companies - Q4 '08 Company Name Investment (USD Mil) Investor Firms Coskata, Inc. $40.0 Blackstone Group, L.P.,Khosla Ventures, Globespan Capital Partners (FKA: JAFCO America Ventures), GreatPoint Ventures, Advanced Technology Ventures (AKA: ATV) Table 4b2 Illinois Firms Making VC Investments in "Green" Companies – Q4 '08 Company Name Investment (USD Mil) Investor Firms Jinko Solar Energy Company, Ltd. $11.7 CIVC Partners LP (FKA: Continental Illinois Venture Corp.) TetraVitae Bioscience, Inc. $1.0 Illinois Ventures LLC Note: Investor firms listed are only those located in Illinois. Deals may have included other investor firms outside of Illinois and therefore may not match other tables. 10 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 11. Section II: Venture Capital Investment Statistics Table 5 (part 1 of 3) Venture Capital Investments by Illinois Firms in Illinois Companies - 2008 Sum Inv. Company Name Firm Name (USD Mil) 1 4th Floor Investment Group LLC Marquette Venture Partners - 2 AC HoldCo, LLC Undisclosed Firm - 3 Accertify, Inc. Intel Capital $4.0 4 Adams Harris, Inc. Adams Street Partners LLC (FKA: Brinson Private Equity) $3.5 5 Advance Case Loans LLC - - 6 Amadesa, Inc. Carmel Ventures $5.4 7 Analyte Media, Inc. (FKA: Ajuga Media) Draper Fisher Jurvetson (FKA: Draper Associates),Undisclosed Venture $3.0 Firm 8 Argo Tea, Inc. Mosaic V enture Partners $4.2 9 Arroweye Solutions, Inc. Baird Capital Partners,Adams Street Partners LLC (FKA: Brinson Private $9.3 Equity),Baird Venture Partners,Och-Ziff Capital Management Group (AKA: OZ Advisors, LLC) 10 Athena Advertising Illinois Ventures LLC,Undisclosed Venture Firm $1.0 11 Autonomic Materials, Inc. Illinois Ventures LLC,Undisclosed Venture Firm $1.4 12 BioBlend Renewable Resources LLC Archer-Daniels-Midland Co. (NYSE:ADM) - 13 Bridgeview Bancorp, Inc. United States Department of The Treasury $38.0 14 Brill Street + Company, Inc. OCA Venture Partners ,TGap Ventures LLC,Ceres Venture Fund $0.1 15 Business Only Broadband, LLC Focus Equity Partners, LLC - 16 Catylist Inc. - - 17 Chromatin, Inc. Burrill Venture Capital; Venture Investors, LLC; Foragen Technologies $12.4 Management Inc.; IllinoisVENTURES, LLC; Unilever Technology Ventures; Quantitative Financial Strategies, Inc.; Malaysian Technology Development Corporation Sdn Bhd 18 Clarus Therapeutics, Inc. Thomas, McNerney & P artners LLC ,Undisclosed Venture Firm $2.7 19 Cleversafe, Inc. New Enterprise Associates,Alsop Louie Partners,Batterson Venture $1.9 Partners (AKA: BVP) 20 Cole Taylor Bank Individuals,Undisclosed Firm $60.0 21 Corpak MedSystems, Inc. (FKA: Viasys Linden LLC $8.0 MedSystems, Inc.) 22 Coskata, Inc. Blackstone Group, L.P.,General Motors Investment Management $59.5 Co.,Khosla Ventures,Globespan Capital Partners (FKA: JAFCO America Ventures),GreatPoint Ventures,Undisclosed Firm,Advanced Technology Ventures (AKA: ATV) 23 Coveo Solutions, Inc. - $2.5 24 CrossCheck Compliance, Inc. Synetro Capital, LLC (FKA: eBlast Ventures, LLC) $0.2 25 crowdSPRING, LLC - $3.0 26 Diagnostic Photonics, Inc. Illinois Ventures LLC,Undisclosed Venture Firm $1.0 27 Eden Park Illumination, Inc. RPM Ventures (FKA: W aypoint Ventures),Illinois Ventures LLC,Undisclosed $1.9 Firm 28 Elevance Renewable Sciences, Inc. TPG; Texas Pacific Group Growth $40.0 29 Endeca Technologies, Inc. SAP Ventures; Intel Capital $25.0 30 EnvestnetPMC, Inc. (AKA: Envestment Undisclosed Venture Firm,Foundation Capital,GRP Partners (AKA: Global $9.0 Group, The) Retail Partners) 31 ExteNet Systems, Inc. (FKA: ClearLinx Sevin Rosen Funds (AKA: Sevin Rosen Management Co.),Columbia Capital $34.5 Network Corporation) LLC,Centennial Ventures,Palomar Ventures,CenterPoint Venture Partners 32 Fashion Latte Illinois Ventures LLC,Undisclosed Venture Firm $1.0 33 Fave Media Inc. - $1.6 34 Firefly Energy Inc. KB Partners, LLC; Caterpillar Inc. (NYSE:CAT); Husqvarna AB (OM:HUSQ $15.0 B); BAE Systems Land and Armaments; Stark Investments LP; Illinois Development Finance Authority; Heartland Capital Network; Khosla Ventures; The Quercus Trust; Infield Capital 11 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 12. Section II: Venture Capital Investment Statistics Table 5 (part 2 of 3) Venture Capital Investments by Illinois Firms in Illinois Companies - 2008 Sum Inv. Company Name Firm Name (USD Mil) 35 Firm58, Inc. New W orld Ventures ,Undisclosed Firm,Individuals,North Bridge Venture $8.5 Partners 36 Forcelogix, LLC - $3.0 37 Fourier Systems, Inc. Docor International Management Ltd. $3.5 38 Fusion.IM Undisclosed Venture Firm,Illinois Ventures LLC $0.1 39 GOLIATH Solutions, LLC The W alnut Group; CapX Partners; Comerica Bank - Texas; Cordjia; Trinity $16.0 Capital Investment Group, Inc. 40 GrantAdler Corporation Ben Franklin Technology Partners of Northeastern PA,Undisclosed Venture $0.5 Firm 41 Hallmark Data Systems LLC EBSCO Industries Inc. - 42 Horizon Therapeutics, Inc. Scale Venture Partners (FKA: BA Venture Partners),Essex W oodlands - Health Ventures (FKA: W oodlands Venture) 43 Horny Toad Activewear, Inc. Radar Partners $3.0 44 iCrossing, Inc. - $15.0 45 iCyt Mission Technology, Inc. Fox P aine & Company, LLC,Open Prairie Ventures,Illinois Ventures LLC $5.0 46 Ifbyphone, LLC Apex Venture Partners; Origin Ventures; Spring Mill Venture Partners; $4.6 Chicagoland Entrepreneurial Center, Investment Arm 47 InfuScience, Inc. Thoma Cressey Bravo - 48 Initiate S ystems, Inc. Sandbox Industries, LLC $5.0 49 Initiate S ystems, Inc. Apex Venture Partners; First Analysis Corporation; Sigma Partners; $26.0 Informatica Corp. (NasdaqGS:INFA); EMC Corporation (NYSE:EMC); Paladin Capital Group; Dunrath Capital, Inc. 50 InStadium, LLC Hopewell Ventures $0.5 51 InterCall (FKA: Raindance Vanguard Ventures - Communications) 52 Invenergy W ind LLC GE Energy Financial Services - 53 Jellyvision, Inc. Sigma Partners $5.0 54 Jet Lithocolor, Inc. Brantley Partners - 55 Keeley Asset Management Corporation TA Associates, Inc. - (AKA: KAMCO) 56 Leapfrog Online, Inc. North Bridge Venture Partners $30.0 57 Lifeline Scientific Inc (LSE:LSI) - - 58 LiveStub.com - - 59 MediaBank LLC (AKA: MBXG New Enterprise Associates,Undisclosed Firm,Undisclosed Firm $40.0 Holdings, Inc.) 60 Metal Management, Inc. Och-Ziff Capital Management Group (AKA: OZ Advisors, LLC) - 61 Metro Visual, Inc. Undisclosed Firm,Undisclosed Firm $2.5 62 Model Metrics,Inc. Investacorp, Inc. $2.5 63 Mpayy, Inc. US Bancorp (NYSE:USB) - 64 Mu Sigma Inc. FTV Capital, Undisclosed Firm,Accel India Venture Fund (FKA: Erasmic $30.0 Venture Fund Pvt.) 65 Nanodisc, Inc. Illinois Ventures LLC $0.3 66 NanoInk, Inc. - $12.0 67 Nanotope, Inc. Arrowhead Research Corp. (NasdaqGM:ARW R); Royal DSM N.V. $1.0 (ENXTAM:DSM) 68 National Pasteurized Eggs, Inc. Hopewell Ventures $0.2 69 navAero, Inc. Saab Ventures $3.1 70 Neptun Light, Inc. CID Equity Partners,First Analysis Corporation $5.0 12 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 13. Section II: Venture Capital Investment Statistics Table 5 (part 3 of 3) Venture Capital Investments by Illinois Firms in Illinois Companies - 2008 Sum Inv. Company Name Firm Name (USD Mil) 71 NeuroTherapeutics Pharma, Inc. Undisclosed Venture Firm,Novo AS,Thomas, McNerney & Partners LLC $2.5 72 Next Big Sound, Inc., The (AKA: Illinois Ventures LLC,Undisclosed Venture Firm $1.0 TNBS) 73 Novarra, Inc. (FKA: InfoSpeed) Qualcomm Ventures,Kettle Partners,JK&B Capital,Colorado Investment $4.7 Securities 74 Nudo Products, Inc. RFE Investment Partners - 75 Orion Recruiting Sidus Group, The $0.5 76 Paylocity Adams Street Partners LLC (FKA: Brinson Private Equity),Undisclosed Firm $10.0 77 Portola Packaging, Inc. W ayzata Investment Partners - 78 Profind, Inc. (FKA: Delaware C Corp.) River Cities Capital Funds $0.2 79 Quantitative Services Group, L.L.C. Goldman Sachs Group, Merchant Banking Division - 80 RedSky Technologies, Inc. CID Capital; Dunrath Capital, Inc. - 81 Revenue Cycle Solutions, Inc. Austin V entures, L.P. $0.4 82 RiverGlass, Inc. RPM Ventures; IllinoisVENTURES, LLC; CC Services, Inc. $2.4 83 Sagent Pharmaceuticals, Inc. (AKA: Vivo Ventures (FKA: BioAsia Investments LLC),Undisclosed Venture Firm $30.0 Sagent Holding Company) 84 SAVO Group, Ltd., The Sterling Partners $10.0 85 Senators Partners, LLC Penn Venture Partners, L.P. - 86 SeniorBridge Family Companies, Inc. Caltius Capital Management $15.0 87 Sittercity, Inc. Point Judith Capital ,Apex Venture Partners,Undisclosed Firm $5.0 88 SmartSpark Energy Systems, Inc. Battery Ventures, L.P. $3.0 89 Sorbent Therapeutics, Inc. Sofinnova Ventures $1.1 90 Spring Air Co. H.I.G. Capital, LLC (AKA: H.I.G. Ventures),American Capital, Ltd. (FKA: $22.0 American Capital Strategies) 91 Steady Sleep, Inc. (AKA: Sleep Apnea Illinois Ventures LLC,Origin Ventures, LLC $1.5 Newco, Inc.) 92 Sword Diagnostics, Inc. Individuals,New Jersey Technology Council (AKA: NJTC) $1.6 93 Taylor Capital Group, Inc. Individuals,Undisclosed Firm $40.0 94 TetraVitae Bioscience, Inc. Harris & Harris Group, Inc.,Illinois Ventures LLC,RPM Ventures (FKA: $6.3 W aypoint Ventures),Undisclosed Firm 95 The Point, LLC New Enterprise Associates $4.8 96 The Vehicle Production Group LLC Perseus, L.L.C.; Clean Energy Fuels Corp. (NasdaqGS:CLNE) $160.0 97 ThePoint.com, Inc. Undisclosed Firm,New Enterprise Associates $4.8 98 TiOn Illinois Ventures LLC,Undisclosed Venture Firm $1.0 99 Undisclosed Company Highland Capital Partners LLC,Arcapita, Inc. (FKA: Crescent Capital $3.9 Investments, Inc.),Undisclosed Firm,Undisclosed Venture Firm,CHL Medical Partners (AKA: Collinson, Howe & Lennox, LLC),Versant Ventures,Undisclosed Firm 100 Univa UD Arch Venture Partners, L.P.; River Cities Capital Funds; New W orld $8.0 Ventures; OCA Venture Partners, LLC; Appian Ventures Inc. 101 VHT, Inc. (FKA: VideoHomeTours.com) Undisclosed Firm,Hopewell Ventures $1.2 102 Vibes Media, Inc. Fidelity V entures $15.0 103 Western Illinois Bancshares, Inc. United States Department of The Treasury $15.0 104 Yes To Ltd. San Francisco Equity Partners; Simon Equity Partners $14.0 105 Zorch International, Inc. Ceres Venture Fund,Bridge Street Capital Partners, LLC $2.5 Note: Unlike the rest of the data in the Monitor, this table and table 9 are derived from two sources, Thomson Reuters Financial and Capital IQ. The IVCA Monitor accepts the categories (venture or buyout) provided by Thomson & Capital IQ. Table totals may differ from other tables in this report because private equity reporting is continuous and therefore changes from day to day for all data sources. Also, some companies may appear in both Venture Capital and Buyout lists because both the type of financing round and the investing firm are considered when compiling the list. For example, if a buyout fund made an investment in a venture capital round of financing it would be considered under both Venture Capital and Buyout lists. . 13 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 14. Section III: Buyout Related Capital Investment Statistics Table 6 Buyout Investments - Nation Buyout Investments - Illinois Investment Investment Number of Companies (USD Mil) Number of Companies (USD Mil) Total '04-'08 9,243 $197,023.6 317 $4,097.8 Qtr Avg 462 $9,851.2 16 $204.9 Quarterly 4Q '07 676 $23,415.5 29 $295.3 1Q '08 663 $9,140.8 24 $108.7 2Q '08 590 $11,388.1 21 $229.1 3Q '08 583 $15,307.5 15 $438.8 4Q '08 426 $5,017.4 11 $10.5 Yearly 2004 1,168 $28,481.4 35 $1,091.5 2005 1,400 $28,052.5 43 $666.9 2006 1,816 $41,529.0 72 $816.9 2007 2,597 $58,106.9 96 $735.5 2008 2,262 $40,853.8 71 $787.1 Note: Company totals may not match other tables in this report because quarterly data may include deals with multiple rounds of financing. Yearly totals in the table above are calculated from quarterly data. 14 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 15. Section III: Buyout Related Capital Investment Statistics Table 7a State Rankings – Q4 '08 Buyout Related Investments Rank Fund Location Number of Companies Investments (USD Mil) 1 New York 24 $1,170.2 2 Tennessee 10 $713.4 3 Texas 40 $480.0 4 California 81 $451.6 5 Pennsylvania 15 $372.1 6 Ohio 18 $272.3 7 W isconsin 7 $259.5 8 Massachusetts 18 $249.9 9 Florida 25 $215.1 10 Colorado 16 $174.4 25 Illinois 11 $10.5 Table 7b State Rankings – Total 2008 Buyout Related Investments Rank Fund Location Number of Companies Investments (USD Mil) 1 New York 155 $7,093.8 2 California 421 $5,356.9 3 Texas 173 $4,197.5 4 Massachusetts 116 $2,845.7 5 Nebraska 10 $2,215.4 6 Georgia 57 $2,079.1 7 Florida 88 $1,721.6 8 Virginia 55 $1,557.3 9 Utah 20 $1,492.8 10 Tennessee 32 $1,467.5 15 Illinois 65 $787.1 15 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 16. Section III: Buyout Related Capital Investment Statistics Table 8a Geographic Sources of Funding For Illinois Companies Q4 '08 Buyout Related Capital Amount Invested % of Total Rank Fund Location Number of Companies (USD Mil) Investment % of All Companies 1 New York 2 $8.0 76% 13% 2 Illinois 3 $1.8 17% 20% 3 Texas 1 $0.4 4% 7% 4 Ohio 1 $0.3 3% 7% 5 Pennsylvania 1 - - 7% 6 Undisclosed 3 - - 20% 7 Florida 1 - - 7% 8 D. of Columbia 1 - - 7% 9 Connecticut 1 - - 7% 10 Minnesota 1 - - 7% TOTAL 15 $10.5 100% 100% Note: Company totals may be higher than in other tables because each state reports transactions separately, so double-counting of companies is possible (e.g. the same company may have received funding from Texas and Illinois). 16 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 17. Section III: Buyout Related Capital Investment Statistics Table 8b Geographic Sources of Funding For Illinois Companies Total 2008 Buyout Related Capital Amount Invested % of Total Rank Fund Location Number of Companies (USD Mil) Investment % of All Companies 1 Illinois 17 $362.4 46.1% 25.8% 2 New York 11 $117.1 14.9% 16.7% 3 Florida 1 $85.5 10.9% 1.5% 4 Minnesota 4 $75.0 9.5% 6.1% 5 Michigan 4 $43.8 5.6% 6.1% 6 Missouri 2 $38.3 4.9% 3.0% 7 Undisclosed 3 $21.2 2.7% 4.5% 8 Massachusetts 5 $21.0 2.7% 7.6% 9 Maryland 1 $11.0 1.4% 1.5% 10 Ohio 2 $7.5 1.0% 3.0% 11 Texas 3 $2.3 0.3% 4.5% 12 California 3 $1.1 0.1% 4.5% 13 Wisconsin 1 $0.7 0.1% 1.5% 14 D. of Columbia 3 - - 4.5% 15 Connecticut 2 - - 3.0% 16 Colorado 1 - - 1.5% 17 Pennsylvania 2 - - 3.0% 18 Indiana 1 - - 1.5% TOTAL 66 $786.9 100% 100% Note: Company totals may be higher than in other tables because each state reports transactions separately, so double-counting of companies is possible (e.g. the same company may have received funding from Texas and Illinois). 17 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 18. Section III: Buyout Related Capital Investment Statistics Table 9 (part 1 of 3) Buyout Capital Investments by Illinois Firms in Illinois Companies 2008 Sum Inv. Company Name Firm Name (USD Mil) 1 4th Floor Investment Group LLC BrightPath Capital, Inc.,Marquette Venture Partners - 2 AC HoldCo, LLC Ripplewood Holdings LLC - 3 Accelerated Rehabilitation Centers, Gryphon Investors, Inc. - Ltd. 4 Accero, Inc. Vista Equity Partners - 5 Acresso Software, Inc. Thoma Cressey Bravo, HarbourVest Partners LLC $200.0 6 Adams Harris, Inc. Adams Street Partners LLC (FKA: Brinson Private Equity) $1.5 7 Aleri Global Banking Wall Street Systems Delaware, Inc. $28.0 8 Amerisuites Schaumburg Hotel Noble Investment Group Ltd. - 9 Arroweye Solutions, Inc. Baird Capital Partners,Adams Street Partners LLC (FKA: Brinson Private $30.3 Equity),Undisclosed Firm,Baird Venture Partners,Och-Ziff Capital Management Group (AKA: OZ Advisors, LLC) 10 Aspire Holdings LLC GTCR Golder Rauner LLC $1.0 11 B&B Electronics Manufacturing Golub Capital; Graham Partners; Inverness Graham Investments - Company, Inc. 12 Benetech, Inc. Undisclosed Firm,Chicago Growth Partners (W illiam Blair Capital Partners) - 13 Best Manufacturing Group LLC Patriarch Partners, LLC - 14 Bulk Molding Compounds, Inc. Citadel Plastics Holdings, Inc. - 15 Business Only Broadband LLC Focus Equity Partners, LLC - 16 Byers Food, Inc. Undisclosed Firm - 17 CenterStone Solutions LLC The Johnsson Group Inc. - 18 Chicago Oleochemicals H.I.G. Capital, LLC (AKA: H.I.G. Ventures) $74.5 19 CIBT, Inc. American Capital, Ltd. (NasdaqGS:ACAS) - 20 Cole Taylor Bank Prairie Capital - 21 Consolidated Distribution Corp. Marquette Capital Partners; BrightPath Capital; 4th Floor Investment Group, - LLC 22 Corpak MedSystems, Inc. (FKA: Viasys Linden LLC $16.0 MedSystems, Inc.) 23 Cortz, Inc. (DBA: In The Swim) Madison Capital Funding LLC (AKA: Madison Capital),Audax Group - 24 Coskata, Inc. Blackstone Group, L.P. $8.0 25 Dental Health Resources, Inc. Code Hennessy & Simmons, L.L.C. - 26 Doddson Travel Agency, Inc. North America Sports Media, Inc. - 27 Drives, Inc. Northstar Capital, LLC (FKA: Seidler Capital, Ltd.),Undisclosed Firm - 28 Drives, Incorporated Richard L. Scott Investments, LLC, Northstar Capital, LLC (FKA: Seidler - Capital, Ltd.),Undisclosed Firm 29 Econometrics, Inc. (OTCBB:EOMI) - $0.4 30 EDP Investment Holdings LLC Beecken, Petty & Company LLC - 31 Elevance Renewable Sciences, Inc. TPG Growth (FKA:TPG Ventures) ,TPG (FKA:Texas Pacific Group) $1.9 (FKA: Renewable Chemicals) 32 Enesco LLC Tinicum Capital Partners - 33 Ex Libris Ltd. Leeds Equity Partners - 34 Fox & Obel Food Market Vulpes, LLC - 35 Gold Standard Baking, Inc. Arbor Private Investment Company, LLC - 18 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 19. Section III: Buyout Related Capital Investment Statistics Table 9 (part 2 of 3) Buyout Capital Investments by Illinois Firms in Illinois Companies 2008 Sum Inv. Company Name Firm Name (USD Mil) 36 H2O Plus, L.P. Goldman Sachs Group, Merchant Banking Division; Cordova, Smart & - Williams, LLC 37 Happ Controls LLC (DBA: Suzo Happ Pfingsten Partners, L.P. - Group) 38 Healthcare Laundry Systems Blue W olf Capital Management LLC - 39 Hearthside Baking Company, Inc. ILEX Capital Group - 40 Heartland Dental Care, Inc. Code, Hennessy & Simmons LLC $169.1 41 Hewitt Associates, Inc.- Cyborg unit Vista Equity Partners - 42 Hi-Tech Manufacturing LLC C3 Capital LLC,Management $3.7 43 Hospital Laundry Services & Northern Blue W olf Capital Management LLC - Illinois Hospital Service Inc. 44 iCyt Mission Technology, Inc. Fox Paine & Company, LLC $1.2 45 InfuScience, Inc. Thoma Cressey Bravo $1.5 46 Insurance Auto Auctions, Inc. Kelso & Company - 47 ITS Technologies & Logistics, LLC The Carlyle Group - 48 Jet Lithocolor, Inc. Undisclosed Firm,Brantley Partners $24.5 49 Jet Support Services, Inc. 1848 Capital Partners, LLC - 50 JOLIET Equipment Corporation Management,Undisclosed Firm,Undisclosed Firm,Argosy Partners (FKA: - Odyssey Capital Group),Ironwood Capital (AKA: Ironwood Capital Advisors LLC), MTN Capital Partners LLC 51 Keeley Asset Management Corporation TA Associates, Inc. - (AKA: KAMCO) 52 Kraft Foods Inc., Snacks Operations in Herkules Capital AS - Nordic and Baltic Region 53 Lava Lite LLC Talon Merchant Capital - 54 Lunt Manufacturing Co., Inc. Contech, LLC - 55 Market Track, LLC Monitor Clipper Partners - 56 MarketerNet, LLC MG, LLC - 57 MED3000, Inc. Mitsui & Co. (U.S.A.), Inc. $62.0 58 Metal Management, Inc. Och-Ziff Capital Management Group (AKA: OZ Advisors, LLC) - 59 Microdynamics Group Wafra Partners LLC - 60 Midway Games Inc. (NYSE:MW Y) - $195.9 61 Moss, Inc. Century Park Capital Partners, Inc. - 62 Mr. Bult's, Inc. (AKA: MBI) Accretive Exit Capital Partners LLC - 63 M-W ave, Inc., Substantially All of the - $8.0 Assets 64 North America Sports Media LLC Pfingsten Partners, L.P. - 65 Novarra, Inc. (FKA: InfoSpeed) Fort W ashington Capital Partners Group $0.3 66 Nudo Products, Inc. RFE Investment Partners - 67 OccuSport Physical Therapy Gryphon Investors, Inc. - 68 Orval Kent Food Company, Inc. Questor Management Company LLC - 69 Pacific Press Technologies, LP Spell Capital Partners, L.L.C. - 70 Panacea Partners, LLC - $1.6 19 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 20. Section III: Buyout Related Capital Investment Statistics Table 9 (part 3 of 3) Buyout Capital Investments by Illinois Firms in Illinois Companies 2008 Sum Inv. Company Name Firm Name (USD Mil) 71 Pangaea Asset Management LLC Norwest Equity Partners $75.0 72 Paylocity Adams Street Partners LLC (FKA: Brinson Private Equity) $7.1 73 Petroferm, Inc. H.I.G. Capital, LLC (AKA: H.I.G. Ventures) - 74 Physicians Interactive Perseus, L.L.C. $11.5 75 Pies by Inge - - 76 Portola Packaging, Inc. Wayzata Investment Partners - 77 PRI Group, LLC - - 78 PrivateBancorp, Inc. GTCR Golder Rauner LLC $17.0 79 Q Interactive Inc. Intrepid Investments, LLC - 80 R.J. O'Brien & Associates LLC Spectrum Equity Investors - 81 Revenue Cycle Solutions, Inc. Austin Ventures, L.P. $0.4 82 RiverGlass, Inc. Undisclosed Firm $0.8 83 Rockford Products Corporation (FKA: BlackEagle Partners (FKA: Centurion Capital Partners) $4.5 Rockford Screw Products) 84 Sarnova Water Street Healthcare Partners (FKA: W ater Street Capital) $75.0 85 Selig Sealing Products, Inc. Behrman Capital $108.4 86 Signal Perfection Ltd. AVI-SPL, Inc. - 87 Spring Air Co. H.I.G. Capital, LLC (AKA: H.I.G. Ventures),American Capital, Ltd. (FKA: $22.0 American Capital Strategies) 88 SRAM Corporation Lehman Brothers, Inc. - 89 Suzo-Happ Group Pfingsten Partners, L.P. - 90 System Development Integration, Inc. Glencoe Capital, LLC (FKA: Glencoe Investment Corporation) - 91 Taylor Capital Group, Inc. Prairie Capital $20.0 92 The Herbal Garden, Inc. Agriventures USA, Inc. - 93 The New Regal Theater - $2.4 94 Time-O-Matic, Inc. Harbour Group - 95 TouchPoint Print Solutions Corp. Huron Capital Partners, LLC; Midwest Mezzanine Funds; Smith W hiley & $37.0 Company 96 Transport Service Co. The Kenan Advantage Group Inc. - 97 Travel Technology Group, LLC Lakeview Equity Partners, LLC - 98 Tri-County Petroleum, Inc. KRG Capital Partners, LLC - 99 Uniqema Americas, Inc. H.I.G. Capital, LLC $91.4 100 Unison Maximus, Inc. - $6.5 101 United Road Towing, Inc. Milestone Partners,Allied Capital Corporation - 102 Universal Air Filter Company Thompson Street Capital Partners $37.8 103 Wintrust Financial Corporation CIVC Partners LP (FKA: Continental Illinois Venture Corp.) $50.0 104 Zolfo Cooper - - 105 Zorch International, Inc. Bridge Street Capital Partners, LLC $2.3 Note: Unlike the rest of the data in the Monitor, this table and table 5 are derived from two sources, Thomson Reuters Financial and Capital IQ. The IVCA Monitor accepts the categories (venture or buyout) provided by Thomson & Capital IQ. Table totals may differ from other tables in this report because private equity reporting is continuous and therefore changes from day to day for all data sources. Also, some companies may appear in both Venture Capital and Buyout lists because both the type of financing round and the investing firm are considered when compiling the list. For example, if a buyout fund made an investment in a venture capital round of financing it would be considered under both Venture Capital and Buyout lists. . 20 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 21. Section IV: Venture and Buyout Related Capital Investment Statistics Table 10 Venture and Buyout Investments in Illinois Companies Funded by U.S. and Illinois Funds % of All IL Companies % of All Capital IL Companies IL Companies Capital Investment Capital Investment Receiving Invested in Funded by Funded by in IL Companies in IL Companies Capital Funded IL Companies IL Funds U.S. Funds by IL Funds by U.S. Funds by IL Firms by IL Firms Last Five Quarters 4Q '07 18 46 $152.2 $426.0 39% 36% 1Q '08 14 34 $9.4 $156.5 41% 6% 2Q '08 17 37 $122.9 $356.3 46% 34% 3Q '08 20 39 $266.4 $619.6 51% 43% 4Q '08 13 28 $12.4 $93.8 46% 13% Yearly 2004 31 82 $38.0 $1,367.7 38% 3% 2005 40 103 $192.4 $1,120.5 39% 17% 2006 50 132 $258.7 $1,309.1 38% 20% 2007 60 164 $331.1 $1,225.9 37% 27% 2008 64 138 $411.0 $1,226.2 46% 34% 21 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 22. Section IV: Venture and Buyout Related Capital Investment Statistics Chart 2 Source of Venture and Buyout Investments for Illinois Companies Q4 '08 (USD Mil) Other Rhode Island Michigan Virginia Non-US Texas New York Illinois California Undisclosed Massachusetts $0 $5 $10 $15 $20 $25 $30 22 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 23. Section IV: Venture and Buyout Related Capital Investment Statistics Chart 3 States Receiving Funds from Illinois Venture and Buyout Firms Q4 '08 (USD Mil) Other Kentucky Pennsylvania Massachusetts Illinois New York Georgia Ohio California Non-US Wisconsin $0 $50 $100 $150 $200 $250 $300 23 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 24. Section IV: Venture and Buyout Related Capital Investment Statistics Chart 4 Money Raised by Venture and Buyout Funds Top States Q4 '08 ($26.6 billion) Michigan Minnesota California $9,718.6 New York $5,979.0 Connecticut $3,405.5 Illinois Massachusetts Massachusetts $2,010.2 Illinois $1,311.6 Minnesota $1,100.8 Nebraska Nebraska $1,005.5 of Columbia D. of Columbia $617.3 Georgia $300.0 Texas Texas $267.0 Michigan $248.3 Maryland Maryland $225.0 Pennsylvania $219.3 Colorado $158.1 Ohio $82.6 24 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 25. Section IV: Venture and Buyout Related Capital Investment Statistics Chart 5 Venture and Buyout Assets Under Management Top States Q4 '08 ($121.7 billion) Michigan Illinois New York $30,699.4 Minnesota Massachusetts Massachusetts $29,695.2 California $22,378.6 Connecticut $10,571.4 Texas Texas $6,363.6 Minnesota $4,550.4 Pennsylvania $4,361.9 Illinois $3,399.1 Florida $3,325.0 of Columbia D. of Columbia $2,456.3 Michigan $1,317.2 Washington $897.0 Rhode Island Island $675.0 Carolina North Carolina $573.2 New Jersey $429.2 25 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 26. Section IV: Venture and Buyout Related Capital Investment Statistics Table 11 State Rank - Number of IPOs - 2008 Post Offer Value* Fund Location Rank Num of IPOs Pct of IPOs Offer Amt (USD Mil) (USD Mil) California 1 3 25 $226.0 $930.3 Florida 2 2 17 $56.8 $273.2 New York 2 2 17 $434.0 $1,212.8 Arizona 3 1 8 $126.0 $524.8 Illinois 3 1 8 $22.0 $120.2 New Hampshire 3 1 8 $500.0 $2,349.4 Tennessee 3 1 8 $168.0 $624.6 Texas 3 1 8 $187.5 $1,443.1 Note: * The post offer value represents the value of all shares outstanding (primary share, management shares, etc.) at the offer date. Table 12 Illinois IPOs - 2008 Post Offer Value * Company Name Offer Amt (USD Mil) (USD Mil) Age at IPO (yrs) Heritage-Crystal Clean LLC $22.0 $120.2 9.20 Total $22.0 $120.2 Note: The post offer value represents the value of all shares outstanding (primary share, management shares, etc.) at the offer date. 26 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008
  • 27. Section IV: Venture and Buyout Related Capital Investment Statistics Table 13 Stages of Venture Capital Investment - Illinois Early Stage VC Later Stage VC Buyout Number of Total Capital Number of Total Capital Number of Total Capital Companies (USD Mil) Companies (USD Mil) Companies (USD Mil) Total '04-'08 118 $458.2 185 $1,474.8 312 $4,152.8 Qtr Avg 6 $22.9 9 $73.7 16 $207.6 Quarterly 4Q '07 9 $59.2 9 $106.6 27 $265.4 1Q '08 7 $30.7 5 $43.2 23 $86.8 2Q '08 4 $5.7 13 $133.8 19 $216.8 3Q '08 8 $9.0 15 $136.8 16 $480.5 4Q '08 5 $13.8 10 $71.3 13 $12.4 Yearly 2004 21 $58.1 30 $160.2 34 $1,180.5 2005 19 $65.5 37 $221.5 42 $704.2 2006 19 $102.1 38 $306.3 71 $813.4 2007 35 $173.4 37 $401.6 94 $658.2 2008 24 $59.1 43 $385.2 71 $796.5 27 Illinois Venture Capital Association Quarterly Private Equity Monitor Q4 2008